Effectiveness Of Market Segmentation And Brand Positioning As Marketing Strategies That Can Be Used For Consumer Satisfaction
1.1 Background of the Study
It is obvious that companies cannot connect all customer in large, broad or diverse market and as a result of the needs to divide market into groups of customer or segments with distinct needs and wants. It is therefore paramount for a company to identify which market segment to serve better. It is required that a keen understanding of consumer behavior and careful strategic thinking before the objective can be achieved. In an attempt to increase benefit to consumers, this will aid marketers to know how best to satisfy each category of these customers. Having selected a target market or markets, the organization then has to decide on what basis it will compete in the chosen segment or segments. How best can it combine its asset and competencies to create a distinctive offering in the market? Consumer will position a product in their mind in their relation to other products in the market based on their perception of the key attributes it contains. The overall intent is to identify groups of similar customers and potential customers, to prioritize the groups, to address, to understand their behavior and to respond with appropriate marketing strategy that satisfy the different performance of each chosen division and thereby improve the company revenue.
1.2 Statement of the Problem
The quest for most marketing decision a firm make is the selection of one or more market segment on which to focus. Firms are faced with the difficulties at identifying and selecting particular market target and satisfying them by blending the marketing mix elements. Some firms find it excruciating to develop market segmentation and brand positioning strategy and consider it as an expensive and time consuming exercise which can result into inadequate information to sum up as a research problem.
1.3 Aim and Objective of the Study
The main focus of this research work is to find out the effectiveness of market segmentation and brand positioning as marketing strategies that can be used for consumer satisfaction. Therefore, to achieve the aim of this research work.
The following objectives need to be considered:
- To enumerate the importance of firms adopting the strategy of market segmentation in order to achieve organizations objective of consumer’s satisfaction and profitability.
- To examine the parameters for market segmentation and its relationship on consumers satisfaction.
- To establish the relevance of market segmentation and its effectiveness on brand positioning.
- To determine the degree to which the organization practices market segmentation.
- To highlight the limitation of the market segmentation.
1.4 Significance of the Study
This research work is very significant and it will benefit the following beneficiaries:
The discipline of marketing will benefit in this research work because it will serve as a reference for a similar research work. It will therefore serve as a secondary source of information to other researches.
1.4.2 Case Study:
The organization which serve as the case study (Lacasera company plc Lagos) will benefit a lot from conclusion of this research work and it will help to improve their marketing activities it will enable the firm to re appraise the segmentation strategy applied in their business and make better use of marketing resources and effort in their marketing activities.
This study is significant to the society in such a way that brand has its effect on the product and its influence on the consumer satisfaction. It will impact knowledge about how consumer can derive satisfaction from a product beyond the value it offers. Lacasera Apple drink enriched in nutrient facts and incredible health benefits to its consuming publics.
It will be an added value and benefit to the researcher and whatever findings and recommendations in related topics. The study will also widen the knowledge of the researcher in the course of conducting the research, and in the course of completing the research work, it will be an essential requirement for the partial fulfillment of Higher National Diploma in marketing to the researcher.
1.5 Scope of the Study
This study covers the consumers of the product (Lacasera Apple Drink) in Nigeria. However with the vast number of manufacturer of consumer product, it will focus basically and as follows:
1.5.1 Conceptual Scope:
The study covers the concept of market segmentation and brand positioning as effective marketing strategies for consumer satisfaction in the Nigeria.
1.5.2 Industrial Scope:
The industrial scope of this research work is Lacasera company PLC., Lagos.
1.5.3 Geographical Scope:
The research work geographical scope is limited to the company location situated at coker, Lagos.
1.5.4 Time Scope:
This study covers the period between 2012 to date where the company records of investigation were obtained.
1.6 Limitations and Constraints to the Study
It is a tasking job to conduct research of this nature and thus a number of constraints are prevalent in the course of the investigation.
Financial constraint is one major problem encountered because of the depressed economy and limited financial resources available for the study. This has restrained the researcher from conducting a detailed survey.
The duration of the time required for the research work is too short, thus constraining the liberty to search further for more information.
The company employees and the executive proved uncooperative during the search for data about the company’s activities in relation to subject matter. The executive were elusive because of the fear of exposing crucial information regarding the firm to competitors.
Unavailability of book to source for relevant data posed a problem, the Kwara State Polytechnic Library is stored with few books and those available were outdated or irrelevant to the research topic.
In the face of these limitations, the research work was able to achieve its set objectives. It is fortified enough to be relevant in the area of its significance.
5.0 Summary, Conclusion and Recommendation
5.1 Summary of Findings
The identification of market segment is a key aspect of the market. Properly designed marketing program should be built around the unique needs of each market segment. The importance of various attributes is one way of defining customer needs for a given product. Through segmentation, organization can identify niches with specific needs, mature market to find a new customers, delivers more focus and effecting marketing message. Successful market segmentation and brand positioning relies on a clear understanding of market with a defined growth to create unique expression in the mind of the customer do that the customer so that the customer associate something specific and desirable with the product or brand offered to the market that is distinct from the rest in the market place. The study suggests that market segmentation is significantly linked to the perceived positioning strategies of a brand. Despite much discussion on the segmentation and its uses in assisting a customer focus in strategy and planning, a culture change has to take place to ensure that product focused teams adopt a customer-focused perspective. This change should derived by the company clear brand statement, marketing strategy and positioning.
Consumer satisfaction is more attributed to the ways through which consumer services are provided. Research findings support the notion that a range barriers exist in organization structure and intermediaries relationship that make segmentation approach difficulties in Lacasera Apple drink. The evidence suggest why lacasara company PLC. welcome the benefit that segmentation offers. The implementation and segmentation in practice meet with mixed success due to barriers encountered. By monitoring the pattern of customers individually and as a group, Lacasera company PLC; can learn some value lessons that can be used in the marketing effort. Lacasara Apple drink is designed to meet many segments of on-the-go market and offers original and great apple taste which command positive perceptions towards the product that provides nutrient facts and incredible health benefits to the markets.
The research work was able to outline some recommendations to the case study which can contribute to the success enjoyed by the organization.
The organization is therefore:
- Should be aware of the possible barrier that may cause consumer dissatisfaction and adjust in the real time
- Should examine if the presence of a particular barrier impact the sophistication of market segmentation application.
- Should be able to the advantage of buying behavior data by developing a system that is responsive to the pattern of consumer.
- Should be consistent and persistent in segmenting their market on the basis of consumer desired benefit.
Effectiveness Of Market Segmentation And Brand Positioning As Marketing Strategies That Can Be Used For Consumer Satisfaction
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